Elliott Wave Analysis of the S&P-500 (SPX) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

Here’s my bearish alternate count for the SPX, which I find to be the most likely of the “top is in” Elliott Wave counts. This scenario involves a truncation, which explains 1) the fact that the downward move from May 2 through June 16 is choppy and overlapping, and 2) the fact that the upward move starting June 16 can count as a complete, 5-wave non-overlapping impulse. HOWEVER, this count could be quite bullish, because the up move from June 16 could just be wave 1 black of a longer Primary (burgundy) wave 5. Movement below 1258.07 will confirm that the top is in.

Sid
http://elliottwavepre.wpengine.com